Sun Communities (SUI) 2018年年度报告「NYSE」.pdf

1、CAVA ROBLES RV RESORT-CALIFORNIA2018 Annual ReportAnd Form 10-KARCHVIEW RV RESORT&CAMPGROUND-UTAHRANCHO MIRAGE-ARIZONAHIDN PINES RV RESORT-MAINEPARK PLACE-FLORIDAyield expansion as they are integrated into our platform;3)capital investments in the expansion of existing communities to provide outsize

2、d occupancy and revenue growth opportunities at attractive returns;and,4)capital allocation to ground-up developments to provide the opportunity to build the highest quality communities and achieve higher incremental returns in locations where purchasing an existing operating property would prove to

3、o costly.We are hard at work to continue growth for the long term.In 2018,our capital deployment comprised the acquisition of 20 operating properties valued at$364 million,$14 million in fully zoned and entitled land parcels and$153 million of capital into the construction of expansion sites and gro

4、und-up development projects.The year also afforded us the unique opportunity to make a$54 million strategic investment in Ingenia Communities Group a leading owner,operator and developer of manufactured home communities and RV resorts headquartered in Australia.Like the USA,Australia has high demand

5、 for affordable housing and we believe the opportunity to invest early in the MH and RV growth cycle should prove to provide excellent returns for our shareholders.Our investment which equates to a roughly 9.9 percent stake in Ingenia also includes the formation of a 50/50 joint venture where Sun wi

6、ll participate side by side in the development of manufactured home communities in Australia.We expect this investment to be highly profitable over time.Sun and its shareholders have enjoyed a strong run of share price appreciation,which has been bolstered by our well-covered dividend which we raise